Durable transaction fee model #4146

Considering the fact that Bitcoin market prices are now mature enough to be streaming on a Bloomberg terminal doesn't it make sense to create a cash market price driven fee model so this never has to be revisited in the future?

Empowering each node with this insight would also assist future directions for the GUI where people invariably will want to send/receive/report in fiat terms. If the fiat price is already used by all nodes to facilitate transaction fee handling, an additional getfiatpx call could be added to the RPC interface.

What if we had the TX fee go down by a decimal place every reward-halving? That might be a fairly accurate way to lower it.

The fee isn't controlled by the software. It is decided by every miner's inclusion policy. Nodes are now estimating what the prevalent fees are based on actual block inclusion delays to avoid having hardcoded fees at all. The relevant development effort is at #3959 and #4250.

Ah, my bad. Thanks for explaining. I like where this is going with both of those commits merged. Will be interesting to see how that plays out.